Buy now, or pay more later in North Shore | SierraSun.com

Buy now, or pay more later in North Shore

Sabrina Belleci and Don Kanare
Guest Column

The holidays will soon be upon us and that means festive gatherings with friends and family along with the hope that abundant snowfall will continue to arrive at the Lake Tahoe ski resorts.

Savvy buyers will be taking advantage of breaks in the weather to look at properties and write offers. With the inventory of houses, condos and freestanding condos for sale on the Incline Village MLS having dropped to around 162 properties, the supply and demand equation is putting upward pressure on prices in virtually all sectors of the market.

Traditionally, this is the time of year when many sellers pull their properties off the market, as sales activity tends to slow down during the chilly winter months. But with prices on the rise and far less competition than in years past, many sellers will keep their properties on the market during what is traditionally the off-season.

Buyers would do well to search through the available inventory and if they find something they like, write an offer and try to strike their best deal. Properties with the most sought after attributes, such as a lake view, easy driveway access, great room style floor plan and a low to moderate elevation location, will command a disproportionate amount of attention.

At the present time, there are only 43 condominiums listed for sale on the Incline Village Multiple Listing Service. This represents an inventory of less than three months, which is extraordinarily low by local standards.

One good example of this phenomenon, is the shortage of condos for sale in the very popular McCloud condominium complex. For the first time in our memory in McCloud there is not a single property listed for sale as of this writing. Buyers looking for low elevation condos have some other options.

Recommended Stories For You

But those seeking a place in McCloud have nothing from which to choose. Third Creek also has a very low inventory with only two properties for sale in that development.

Buyers should seriously consider shopping for property during the wintertime before prices rise further in 2018. While there are sure to be some big snowstorms during the next few months, the most astute buyers in the audience will not let that be a deterrent to finding their dream vacation home or new residence on the Nevada side of Lake Tahoe.

When high earning folks in California pencil out their state income tax bill for 2017, many of them will contemplate whether now is the time to make the switch to Nevada residency.

For anyone with an adjusted gross income in California over $400,000, the net result is that the savings on state income tax alone will pay for a $1 million mortgage. That's a pretty hefty incentive to consider relocating to Incline Village or Crystal Bay and purchase a nice house or condo with just the tax savings.

Unless there is an economic catastrophe or some unforeseen global event that puts a crimp in real estate sales, prices will likely continue a steady march upward during the coming year.

Buyers can do themselves a favor by taking trips to look at property at Lake Tahoe during breaks in the weather this coming winter. The extra few hundred dollars spent on gas, lodging and food will easily be offset by the tens of thousands of dollars saved on properties purchased between now and the summer of 2018.

Sabrina Belleci and Don Kanare are the owners of RE/MAX North Lake. Read their blog and find weekly stats on their website at http://www.InsideIncline.com

Weekly Real Estate Update

Statistics gathered from the Incline Village MLS on 12-10-17

                                                    Houses                Condos               PUDs

For Sale                                       99                          43                          21

Under $1 million                         24                          30                          10

Median Price For Sale          $1,789,000         $595,000              $1,100,000

YTD Sales 2017                          156                        191                          53

YTD Sales 2016                          157                        187                        57

New Listings                                 7                       

In Escrow                                      14

Closed Escrow                              10                                                             

Range in Escrow        $299,000 – $1,489,000

These statistics are based on information from the Incline Village Board of REALTORS or its Multiple Listing Service as of Dec. 10.